Bithumb halts SEI deposits and withdrawals ahead of Sei Network ‘Nebula’ Feb 3, 2025 mainnet upgrade

Published: 2026-01-30 02:31:05 |

Bithumb will temporarily suspend deposits and withdrawals for the SEI token from 09:00 UTC on 3 February 2025 to support the Sei Network’s scheduled mainnet upgrade, codenamed “Nebula.” The exchange said the pause is a precaution while validators install new software and the network coordinates a restart; internal spot trading of SEI against BTC and KRW on Bithumb’s order book will continue and user balances are reported safe. No precise resumption time was given — services will resume once the upgrade stabilizes. Nebula is intended to increase transaction throughput, add smart-contract functionality for developers and reduce gas fees during congestion. Analysts note such exchange suspensions are routine during major layer-1 upgrades to prevent transactions on an unstable or forked network. Traders should avoid sending SEI to Bithumb during the outage, monitor official Bithumb channels for reopening notices, and expect possible short-term volatility and reduced liquidity for SEI on exchanges while deposits are paused.

Neutral

Short-term: Neutral to mildly bearish. The deposit/withdrawal pause reduces SEI liquidity on exchanges and can trigger short-term price swings if sell pressure mounts among holders who can still trade on the order book; however, Bithumb allows internal spot trading and reports balances as safe, which limits panic withdrawals. Planned pauses are standard risk-management during layer-1 upgrades and typically prevent user losses from failed on-chain transactions. Long-term: Neutral to mildly bullish. If Nebula successfully increases throughput, lowers fees and adds smart-contract functionality, SEI’s utility and developer interest could rise, supporting positive fundamentals. Overall, because this is a routine, temporary maintenance action tied to an upgrade intended to improve the network, the immediate market impact is likely transient. Traders should expect reduced liquidity and elevated volatility around the pause and restart, then watch on-chain metrics and developer activity post-upgrade for directional cues.